DDM Analysis: NPAPER.ST

Valuation Snapshot

Stable Growth	$43.86 - $64.71	$53.85
Multi-Stage	$76.49 - $84.26	$80.30
Blended Fair Value	$67.08
Current Price	$66.95
Upside	0.19%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	3.98	4.62	1.99	1.99	14.11	0.00	0.00	1.49	0.00	0.00
YoY Growth	-	-	-13.83%	132.09%	0.00%	-85.89%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.41%	8.60%	4.44%	5.89%	29.31%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	376.00
(-) Cash Dividends Paid (M)	4.80
(=) Cash Retained (M)	371.20

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.20	47.00	28.20
Cash Retained (M)	371.20	371.20	371.20
(-) Cash Required (M)	-75.20	-47.00	-28.20
(=) Excess Retained (M)	296.00	324.20	343.00
(/) Shares Outstanding (M)	67.31	67.31	67.31
(=) Excess Retained per Share	4.40	4.82	5.10
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	4.40	4.82	5.10
(=) Adjusted Dividend	4.47	4.89	5.17
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$43.86	$53.85	$64.71
Upside / Downside	-34.49%	-19.56%	-3.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	376.00	372.24	368.52	364.83	361.18	357.57	368.30
Payout Ratio	1.28%	19.02%	36.77%	54.51%	72.26%	90.00%	92.50%
Projected Dividends (M)	4.80	70.80	135.49	198.87	260.97	321.82	340.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	64.91	65.57	66.23
Year 2 PV (M)	113.86	116.19	118.55
Year 3 PV (M)	153.20	157.94	162.77
Year 4 PV (M)	184.29	191.93	199.80
Year 5 PV (M)	208.32	219.17	230.47
PV of Terminal Value (M)	4,423.58	4,653.92	4,893.77
Equity Value (M)	5,148.15	5,404.72	5,671.58
Shares Outstanding (M)	67.31	67.31	67.31
Fair Value	$76.49	$80.30	$84.26
Upside / Downside	14.24%	19.94%	25.86%

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Nordic Paper Holding AB (publ) (NPAPER.ST)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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